Catenaa, Wednesday, November 11, 2026- CoreWeave stock rose more than 23% on Wednesday after reporting better-than-expected quarterly revenue and raising its revenue outlook.
“Demand for compute is growing faster than the capacity to deliver that infrastructure and that is being echoed by the expansion of the margins that we are seeing on each additional contract,” said Michael Intrator, Co-founder and CEO of CoreWeave during the company’s earnings call.
CoreWeave generated $3.66 billion in revenue during the September quarter, exceeding the $3.56 billion analysts had anticipated, according to Bloomberg consensus data.
Intrator said that Adjusted operating income reached $379 million, well above its $200-260 million guidance, with margins moving into the low double digits a quarter earlier than planned.
He said that revenue backlog grew to approximately $133 billion, and active power grew to more than 1.7 GW, doubling our active footprint since the start of the year.
CoreWeave narrowed its quarterly loss relative to analysts’ expectations, reporting a loss of $1.27 per share against forecasts of $1.46. The company also upgraded its 2026 revenue forecast to $13 billion to $13.3 billion, up from its earlier projection of $12 billion to $13 billion.
The company highlighted $9 billion in customer prepayments and deposits expected in the next three months alone.
Intrator said that CoreWeave’s customers are using AI to advance biological research, support patient care, develop autonomous systems, and help people learn.
“Our AI cloud platform gives them the ability to pursue those ambitions and bring their useful applications into everyday life. Powering these promising ideas requires the tools to build and deploy AI on reliable compute at attractive economics,” he said.
Moreover, he told investors that at the end of Q3, CoreWeave’s weighted average cost of debt across the entire business was 7.9%, down 250 basis points year over year.
“Looking ahead, we will not use the unsecured debt market to fund our business at current yields, nor do we need to,” Intrator said.
He added that through 2027, more than 75% of committed CapEx is tied to investment-grade and enterprise customers, with the remainder tied to the world’s leading AI labs and AI-native companies.
He said that the pricing of these facilities reflects the underlying customer commitments and our proven ability to deliver, and those can finance anywhere from 70%-100% of the associated CapEx.
